Bitcoin I rising to fast, it is threatening our ATM business.
Bitcoin needs to stop......In fact I want it to crash hard. I want to see Bitcoin in the red and crypto winter prolonged.
When we started the ATM business we anticipated at least a six month bear market where we could acclimate to the business and start stacking bitcoin. That has not been the case. Instead, ever since we began in March, Bitcoin has been shooting up and looking increasingly parabolic.
Given a year ago, 6700 is a price to be dreaded, but now it seems unimaginable. In the last thee months Bitcoin has doubled and has broken through 'resistance' after resistance. I put those in air quotes because I take technical analysis with a grain of salt. Sometimes it is wonderful in predicting price. The last few months....not as much, which in part leads me to believe the bull market has started. Hopefully we see correction here, but bitcoin has been defying my wishes.
The problem with the ATM and Bitcoins price is the turnaround time
After individuals buy at the ATM, we must go there, deposit the cash in the bank and then start a transfer to Coinbase that takes a week or more. We don't transfer enough to make it worth a wire, so while Bitcoins price jumps, our fee is essentially eaten away. Now, we have been using other means of getting Bitcoin, such as the cash app, which is instant, but the turnaround still isn't good enough. It can still take us a day or two to find time to get the money from the ATM to the bank. We really needed a larger amount of Bitcoin to start, but we began with just the bare minimum.
Still, this Bitcoin bump has been nice to start drumming up interest again from others that aren't Bitcoin fanatics. We knew this would come, but we were hoping not this soon. Still, this has been fun.
Let's get this crypto